Top reasons for Walworth lease extension

Why you should start your Walworth lease extension today:

A Walworth leasehold property depreciates with the years remaining on the lease.

With a domestic leasehold premises in Walworth, you are in fact renting it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially once there are fewer than eighty years left. Anyone in Walworth with a lease approaching 81 years unexpired should seriously consider extending it without delay. Once a lease has fewer than 80 years left, under the current legislation the landlord can calculate and demand a larger amount, assessed on a technical calculation, known as “marriage value” which is payable.

Walworth property with a lease extension is almost the same value as a freehold

Leasehold residencies in Walworth with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not loan monies with a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Walworth lease extensions?

Regardless of whether you are a tenant or a freeholder in Walworth,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Walworth valuers.

Walworth Lease Extension Example Cases:

Naomi, Walworth, South East London,

Subsequent to unsuccessful correspondence with the landlord of her leasehold flat in Walworth, Naomi commenced the lease extension process just as the lease was approaching the crucial eighty-year deadline. The lease extension completed in November 2006. The landlord’s costs were kept to an absolute minimum.

Walworth case:

Mr K Gray completed a purpose-built apartment in Walworth in May 2011. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparative homes in Walworth with an extended lease were in the region of £290,000. The mid-range ground rent payable was £55 invoiced yearly. The lease came to a finish in 2105. Taking into account 80 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including professional charges.